International Journal of Rural Management, Ahead of Print.
Using primary data collected from 230 handloom micro-entrepreneurs of rural Assam, present study made an attempt to understand the marketing efficiency across different marketing channels of handloom products, and identify the factors determining handloom micro-entrepreneurs’ decision to select a marketing channel. Marketing efficiency was examined using standardised indices. A multinomial logistic regression model was estimated for identifying the factors determining marketing channel choice decision of handloom micro-entrepreneurs. Analysis of data reveals that though the retailer channel was economically most efficient among the three identified marketing channels in the study area, majority of handloom micro-entrepreneurs have chosen the least efficient channel of travelling traders for selling their produce. Using travelling traders as reference category, the results of regression estimate suggest that education of the entrepreneurs, firm size, access to market information, collective action through weavers’ groups, access to credits, and transaction cost-related factors significantly influenced the decision of handloom micro-entrepreneurs in the choice of marketing channels.
A transform-based method for pricing Asian options under general two-dimensional models
.
On prices and returns in commercial prediction markets
.
Can volatility solve the naive portfolio puzzle?
.
Monetary Policy and Mispricing in Stock Markets
Abstract
We investigate the role of monetary policy in stock price misalignments and explore whether central banks can attenuate excessive mispricing as suggested by the proponents of a “leaning against the wind” monetary policy. Decomposing stock prices into expected excess dividends, an equity risk premium, and a mispricing component, we find that prices fall more strongly in response to an increase in the policy rate than what is implied by their underlying fundamentals. This systematic overreaction suggests that tighter monetary policy may contain emerging asset price misalignments. Our findings are at odds with the predictions of a rational bubble framework, but can be explained by mispricing arising from false subjective expectations of irrational investors.
Investor attention and stock price efficiency: Evidence from quasi‐natural experiments in China
Abstract
We examine whether increasing investor attention affects stock price efficiency. To identify the causal effect, we employ daily repeated quasi-natural experiments in China where investor attention difference is purely driven by price rounding effect without information regarding stock fundamentals. Stocks tend to draw significant more attention and show higher price efficiency after being exposed to the Winner List. We also find supporting evidence for two nonexclusive channels through which investor attention enhance stock price efficiency: increasing stock liquidity and stronger net inflows from large orders. The positive relationship between investor attention and price efficiency is more pronounced among stocks with lower institutional shareholdings, stocks without overseas or Big Four audit firms, and stocks without B- or H-shares. Our findings further shed light on the significant impact of saliency on the capital market.
Ex‐military Top Executives and Corporate Violations: Evidence from China
We examine the association between corporate violations and executives who formerly served in the military, using a sample of A-share listed firms in China from 2004 to 2018. We find that firms led by ex-military executives are less likely to incur corporate violations. Further tests indicate that where there is a negative relationship this association is more pronounced for non-financial corporate violations than for cases involving financial fraud. We also confirm that the association between corporate misconduct and firms with ex-military executives is more significant if the firm has insufficient external oversight. The results are robust to a series of robustness tests. Overall, our results suggest that executives’ exposure to military culture has a governance effect in regulating corporate behaviour and outcomes in emerging economies.
Neighborhood ethnic composition and social identity threat: the mediating role of perceived discrimination
.
Lifestyle Entrepreneurship: Literature Review and Future Research Agenda
Abstract
Research in leading entrepreneurship and management journals has tended to conceptualize entrepreneurship as motivated by the goals of wealth, income, or social value creation. This research has thus largely overlooked entrepreneurial motivations such as the desire to engage in particular activities that the entrepreneurs find rewarding or the desire to live in particular locations. The literature on such Lifestyle Entrepreneurship (LE) includes research on artisan, artistic, craft, creative, fitness, hobbyist, leisure, sport, and tourism entrepreneurship. This literature has grown quickly over the last decade, but it is scattered across a range of domains, disciplines, and journals and lacks conceptual clarity. In this review, we take stock, synthesize and offer definitions and a framework for investigation of LE that allows for its development and theoretical integration with, and contribution to, existing entrepreneurship theory. We conceptualize LE in relation to its purpose and function, identify different types of LE, and examine their respective antecedents, behaviours, and outcomes. We propose a research agenda based on the merits of viewing LE as a distinctive and theoretically important domain for the study of entrepreneurship and highlight the vital role that LE plays in enriching both individual and social welfare.
Portfolio diversification possibilities of cryptocurrency: global evidence
.